Tools

Ask a Question
Start a Discussion
Close
Create an Email Alert

Alerts are a great way for you to stay up-to-date on things you care about. We will email you a list of the new items that match your criteria at a time of your choosing.

This alert is for the following:

Topic:
Short Sale Advice..... how much to gamble

How often would you like the alert emailed?

Frequency:

Immediately Daily Weekly
Maximum 20 emails/day

Save

Cancel E-mail alerts
RSS
Send to del.icio.us
Send to StumbleUpon
Print page

Partner Tools

Views: 605
US
New Jersey
Nearby States
- Alabama
- Alaska
- American Samoa
- Arizona
- Arkansas
- California
- Colorado
- Connecticut
- Delaware
- Florida
- Georgia
- Guam
- Hawaii
- Idaho
- Illinois
- Indiana
- Iowa
- Kansas
- Kentucky
- Louisiana
- Maine
- Maryland
- Massachusetts
- Michigan
- Minnesota
- Mississippi
- Missouri
- Montana
- Nebraska
- Nevada
- New Hampshire
- New Jersey
- New Mexico
- New York
- North Carolina
- North Dakota
- Northern Mariana Islands
- Ohio
- Oklahoma
- Oregon
- Pennsylvania
- Puerto Rico
- Rhode Island
- South Carolina
- South Dakota
- Tennessee
- Texas
- Utah
- Vermont
- Virgin Islands
- Virginia
- Washington
- Washington D.C.
- West Virginia
- Wisconsin
- Wyoming
Don't see it?

Find:
Brick
Nearby Cities
Don't see it?

Find:
ZIP Code
Nearby ZIP Codes
- 08723
- 08724
- 08739
Don't see it?

Find:

Short Sale Advice..... how much to gamble

Contributions: 6

Q&A

:6

Sorry if this is repeated.

I have placed an offer on a home that is a short sale and the offer was accepted by the seller. During attorney review they have added a "short sale" addendum indicating that they would keep the house on the market, want to have the full downpayment placed in escrow and that we could not pull out of the deal until we waited 90 days for lender approval. During this time we would be able to complete the inspection, apprasial and title search. Although I will also ask my attorney about my questions I wanted to get some feedback from all you experts here. Is this worth the gamble? Could they take another offer to the bank and then we would be out all of our inspection etc $$$, We love the house but we do not have the funds to lose paying for these costs if we have to start over. I appreciate any comments.

Flag content

January 11 - Brick

RSS

Answers (7)

Beverly & Robert Meaux, "Agents Clients Refer"
Contributions: 201

Beverly & Robert Meaux, "Agents Clients Refer"

Real Estate Agent

View my 4 listings

Contributions: 201

Q&A

:87
Disc

:8
Photos

:106

Zillow All-Star

Since October 2009

View full profile

It doesn't matter if the seller signs, that is just the first step. The lender must sign. You shouldn't gamble a thing until all of you hear back from the lender.

Flag content

February 10

Pawallens
Contributions: 6

Pawallens

Contributions: 6

Q&A

:6

View full profile

Thanks again for the responses. We have not signed the short sale addendum and have an appointment with our attorney tomorrow. This is why I am trying to get all of the info that I can before we go so that I can ask the right questions and get ourselves covered. Our attorney already sent the letter indicating that the contract was not acceptable as written so we have effectively stopped the 3 day period for having the contract be considered binding and we will add our requests and send back.

We appreciate all of your information which will make for a better discussion tomorrow.

Flag content

January 11

sunnyview
Contributions: 10582

sunnyview

Contributions: 10582

Q&A

:6197
Disc

:4368
Photos

:17

Zillow All-Star

Since January 2009

View full profile

It is not worth the gamble even if your LOVE the house. Please do what you can to redraw the agreement if you still want to give it a shot. You are steering this boat, don't let them pull you along straight into the rapids. A sharp agent or real estate attorney may be able to provide you with a contract that will give you less risk and more legal protection if the deal doesn't go through. If you love the house, it might be worth a $200 consultation with a real estate attorney to see if an alternative contract would get the job done with less financial risk to you. The current agreement provides you with no protection at all.

Flag content

January 11

Pawallens
Contributions: 6

Pawallens

Contributions: 6

Q&A

:6

View full profile

Thanks for all of the info. We are new at this and learning fast. Yes we still have the immediate out if the inspection turns up anything as the house is selling as is so the sellers will not fix any defects.

Has anyone out there something good to say about short sales as we would like to hear about that too.

Flag content

January 11

frisky1
Contributions: 315

frisky1

Contributions: 315

Q&A

:156
Disc

:148
Photos

:11

Zillow All-Star

Since September 2009

View full profile

Good advice from the others. Short sale prices really mean nothing unless the seller has already negotiated the acceptable sales price with the lender. So you might suggest that they get lender approval on the price and then go into contract. any other buyer, if there are any, will be in the same situation.
Â I would agree that it might be a better gamble to see if the house goes into foreclosure as the price will be lower then. Â The only compelling reason you might go for this deal is if the house is so unique that it couldn't be duplicated by anything else for anything close to the price (even if prices drop further). Â and even then, you need to be able to get out of the deal after the inspection--what if you inspect next week and decide its not worth it--do you still have to wait 90 days to get out?Â

Flag content

January 11

Rich Biddlecome, "EastBayPro"
Contributions: 120

Rich Biddlecome, "EastBayPro"

Real Estate Agent

View my 1 listings

Contributions: 120

Q&A

:72
Disc

:16
Photos

:32

View full profile

I would never buy or show a short sale property because.
1. Â They keep taking offers
2. Â The agent sets the price not the lender.
3. Â The lender usually wants more money than the agent is asking.
4. Â Foreclosures usually sell for less than when it was a Short Sale.
5. Â You could wait months for an answer only to have another come in at Â Â Â Â Â last minute that they accept.
6. Â Never, Never would I give them money up front. Â Only after they accept
Â Â Â the offer and you are opening escrow would I give them any money.

Flag content

January 11

Marc Paolella
Contributions: 168

Marc Paolella

Succasunna, NJ

Real Estate Agent

Contributions: 168

Q&A

:57
Disc

:2
Photos

:109

View full profile

Yes it is a pure gamble. If a better offer comes along, you are out and the bank will dump you on the side of the road without a second thought. I've seen it happen a lot, and it happened to me with a client. If your offer is really low, you can pretty much expect that a better offer will come along. That is just the reality of short sale buying. It's a gamble. High rewark, high risk.

-Marc

Flag content

January 11

Have a question? Ask it here.

Most Active Brick Real Estate Agents

Toula N. Rosebrock

68 listings

Local Expert
Jamie Paradise

24 listings

Local Expert
The Ocean's Six

44 listings

Local Expert
Michael Milano

33 listings

Local Expert
Lisa Lombardi-Bergstrom

24 listings

Local Expert

See more Brick real estate agents

Question Short Sale Advice..... how much to gamble

Latest answer by Beverly & Robert Meaux
February 10

In Buying Process
7 Answers - 605 Views

Question Why are all the quoted closing cost so "under" inflated?

Latest answer by Walter Burns
January 09

In Buying Process
1 Answer - 166 Views

See More

Guide Real Estate Buyer's Closing Costs

In Buying Process
Edited August 27

Guide List of Closing Costs and Fees

In Buying Process
Edited August 27

Guide You've Opened Escrow

In Buying Process
Edited July 21

Guide Home Buying One Step at a Time

In Buying Process
Edited May 04

Guide A Buyer's Guide to Making the Right Choice

In Buying Process
Edited December 05 2008

See more articles about Buying Process

Current Mortgage Rates

Current Last Week

30 Year Fixed

15 Year Fixed

5/1 ARM

Get this widget

<div style="width:298px;height:123px;border:1px solid #adcfff;overflow:hidden;text-align:center;font-family:verdana,arial,sans-serif;font-size:8pt;line-height:13x;background-color:#eff3ff;letter-spacing:0;text-transform:none;">
		<div style="margin: 0 6px;">
			<div style="margin-top:6px;">
				<a href="http://www.zillow.com/Mortgage_Rates/#{scid=mor-wid-lthd}" target="_blank" style="font-size:9pt;color:#36b;text-decoration:none;font-weight:bold;">
				   
						Current
				   
				         
				   Mortgage Rates</a>
			</div>   
			
			<div style="color:#555;margin:5px 0 1px;">
				<span style="padding-left:137px;">Current</span>
				<span style="padding-left:23px;">Last Week</span>
			</div>

<div style="background:#fff;height:60px;width:284px;border:1px solid #adcfff;text-align:left;">
				<div style="width:146px;float:left;">
					<div style="height:20px;background-color:#fff;">
						<div style="padding:3px 0 0 4px;"><a href="http://www.zillow.com/30_Year_Fixed_Mortgage_Rates/#{scid=mor-wid-ltt1}" target="_blank" style="text-decoration:underline;color:#36b;">30 Year Fixed</a></div>
					</div>
					<div style="height:20px;background-color:#eff7ff;">
						<div style="padding:3px 0 0 4px;"><a href="http://www.zillow.com/15_Year_Fixed_Mortgage_Rates/#{scid=mor-wid-ltt2}" target="_blank" style="text-decoration:underline;color:#36b;">15 Year Fixed</a></div>
					</div>
					<div style="height:20px;background-color:#fff;">
						<div style="padding:3px 0 0 4px;"><a href="http://www.zillow.com/5-1_ARM_Mortgage_Rates/#{scid=mor-wid-ltt3}" target="_blank" style="text-decoration:underline;color:#36b;">5/1 ARM</a></div>
					</div>
				</div>
					
				<iframe title="Current Mortgage Rates" frameborder="0" height="60" scrolling="no" width="138" src="/mortgage/MortgageRateTableWidget.htm?wide=1&region=102001">
						Your browser doesn't support frames.  Visit 
					<a href="http://www.zillow.com/mortgage/" target="_blank" style="text-decoration:none; font-size:9pt; font-weight:bold;">Zillow Mortgage Marketplace</a> 
					to see this content.
				</iframe>
				<div style="clear:both;"></div>
			</div>
			
			<div style="margin:4px 6px 0;height:15px;width:276px;">
				<a href="http://www.zillow.com/mortgage/#{scid=mor-wid-ltgr}" target="_blank" title="Zillow Mortgage Marketplace" style="display:block;margin-left:4px;height:15px;width:145px;float:left;"><img src="/static/images/zillow-mortgage-logo-small.gif" alt="Mortgages, Home Loans, and Mortgage Quotes at Zillow Mortgage Marketplace" style="border:none;"/></a>
				   
				<a href="http://www.zillow.com/webtools/widgets/MortgageRateWidget.htm#{scid=mor-wid-ltget}" target="_blank" style="font-size:7pt;color:gray;text-decoration:none;float:right;margin:1px 5px 0 0;width:80px;">Get this widget</a>
			</div>
		</div>
	</div>

Need a Mortgage?

Zillow Mortgage Marketplace

Competitive rates
Accurate, custom quotes
Thousands of lenders

... and, it's free and anonymous

Learn about Zillow Mortgage Marketplace

Zillow Poll:

Suggested by MNelan04

Do soup kitchens in your neighborhood do more good or bad for the community?

More good, they feed the hungry.

More bad, they attract homeless persons to linger in the area.

Neither. I am ambivalent to soup kitchens.

There are none in my neighborhood.

Next poll
Suggest a poll

Be A Good Neighbor

Zillow® Advice depends on each member to keep it a safe, fun, and positive place. If you see abuse, flag it. More on our Good Neighbor Policy

Tools

Create an Email Alert

This alert is for the following:

How often would you like the alert emailed?

Partner Tools

Nearby States

Nearby Cities

Nearby ZIP Codes

Short Sale Advice..... how much to gamble

Contributions: 6

Main Image

Answers (7)

Real Estate Agent

Contributions: 201

Zillow All-Star

Contributions: 6

Contributions: 10582

Zillow All-Star

Contributions: 6

Contributions: 315

Zillow All-Star

Real Estate Agent

Contributions: 120

Real Estate Agent

Contributions: 168

Have a question? Ask it here.

Most Active Brick Real Estate Agents

Related Questions

Question Short Sale Advice..... how much to gamble

Question Why are all the quoted closing cost so "under" inflated?

Related Articles about Buying Process

Guide Real Estate Buyer's Closing Costs

Guide List of Closing Costs and Fees

Guide You've Opened Escrow

Guide Home Buying One Step at a Time

Guide A Buyer's Guide to Making the Right Choice

Need a Mortgage?

Get instant mortgage quotes

Be A Good Neighbor